Chubb Ltd

Consolidated Operating Results – Three and Nine Months Ended September 30, 2025 and 2024

(1)On a constant-dollar basis. Amounts are calculated by translating prior period results using the same local currency exchange rates as the comparable current period.

Financial Highlights for the Three Months Ended September 30, 2025

•Net income attributable to Chubb was $2.8 billion compared with $2.3 billion in the prior year period. Net income in the current year quarter was primarily driven by double-digit growth in both P&C underwriting income and Life segment income and higher net investment income.

•Consolidated net premiums written were $14.87 billion, up 7.5 percent, or 6.8 percent in constant dollars.

•P&C net premiums written were $12.93 billion, up 5.3 percent, or 4.7 percent in constant dollars, with commercial insurance up 2.9 percent and consumer insurance up 10.1 percent in constant dollars. Overall growth in commercial lines reflects strong new business and retention highlighted by middle market and small commercial P&C, excess and surplus (E&S), crop insurance, large account casualty, and financial lines. Consumer insurance growth reflects strong new business and retention, including positive rate and exposure increases. The increase in P&C net premiums was partially offset by two non-recurring items that benefited the prior year quarter in the North America commercial P&C segment, which unfavorably impacted growth by 1.5 percentage points.

•Life Insurance net premiums written were $1.9 billion, up 24.6 percent, or 23.5 percent in constant dollars, due to growth in international life of 25.1 percent in constant dollars, predominantly in North Asia, and Combined North America of 18.1 percent, primarily driven by worksite business. Growth includes $126 million from a one- time large transaction in New Zealand. Life Insurance segment income was $324 million, up 14.2 percent, or 13.9 percent in constant dollars.

•Pre-tax net investment income was $1.65 billion, up 9.3 percent compared to $1.5 billion in the prior year period, primarily due to higher average invested assets.

•Operating cash flow was $3.6 billion.

(1)Commercial multiple peril represents retail package business (property and general liability).

For additional information on net premiums written, refer to the segment operating results discussions.

Catastrophe Losses and Prior Period Development

We generally define catastrophe loss events consistent with the definition of the Property Claims Service (PCS) for events in the U.S. and Canada. PCS defines a catastrophe as an event that causes damage of $25 million or more in insured losses and affects a significant number of insureds. For events outside of the U.S. and Canada, we generally use a similar definition. Catastrophe losses are net of reinsurance and include reinstatement premiums, which are additional premiums paid on certain reinsurance agreements in order to reinstate coverage that had been exhausted by loss occurrences. The reinstatement premium amount is typically a pro rata portion of the original ceded premium paid based on how much of the reinsurance limit had been exhausted.

Prior period development (PPD) arises from changes to loss estimates recognized in the current year that relate to loss events that occurred in previous calendar years and excludes the effect of losses from the development of earned premium from previous accident years. PPD includes adjustments relating to either profit commission reserves or policyholder dividend reserves based on actual claim experience that develops after the policy period ends. The expense adjustments correlate to the prior period loss development on these same policies.

Refer to the Non-GAAP Reconciliation section for further information on reinstatement premiums on catastrophe losses and adjustments to prior period development.

Catastrophe losses through September 30, 2025 and 2024, were primarily from the following events:

•2025: California wildfire losses of $1.47 billion; flooding in the U.S., hail, tornadoes, wind events; global earthquakes, principally in Thailand; and winter storm losses.

◦Total North America P&C Insurance catastrophe losses were $237 million and $2.1 billion for the three and nine months ended September 30, 2025, respectively.

◦Total Overseas General catastrophe losses were $42 million and $349 million for the three and nine months ended September 30, 2025, respectively.

•2024: Severe weather-related events in the U.S. and internationally.

◦Total North America P&C Insurance catastrophe losses were $599 million and $1.4 billion for the three and nine months ended September 30, 2024, respectively.

◦Total Overseas General catastrophe losses were $103 million and $286 million for the three and nine months ended September 30, 2024, respectively.

Pre-tax net favorable PPD for the three months ended September 30, 2025, was $422 million in our active companies, including net favorable development of $460 million in short-tail lines and net unfavorable development of $38 million in long-tail lines. Net favorable development for short-tail lines is driven by property lines. Net unfavorable development for long-tail lines primarily relates to casualty lines, partially offset by favorable development in workers' compensation. Our corporate run-off portfolio had adverse development of $61 million, primarily driven by adverse development for environmental-related claims.

Pre-tax net favorable PPD for the nine months ended September 30, 2025, was $1.0 billion in our active companies, including net favorable development of $1.05 billion in short-tail lines and net adverse development of $42 million in long-tail lines. Net favorable development for short-tail lines primarily includes surety, property, and marine lines. Net adverse development for long-tail lines reflects favorable development primarily in workers' compensation offset by adverse development in general casualty lines. Our corporate run-off portfolio had adverse development of $144 million, primarily driven by adverse development for environmental and molestation-related claims.

Pre-tax net favorable PPD for the three months ended September 30, 2024, was $299 million in our active companies, including net favorable development of $358 million in short-tail lines and net adverse development of $59 million in long-tail lines. Net favorable development for short-tail lines primarily includes property and marine lines. Net adverse development for long-tail lines reflects favorable development primarily in workers' compensation offset by adverse development in general casualty lines. Our corporate run-off portfolio had adverse development of $55 million, primarily driven by adverse development for environmental-related claims.

Pre-tax net favorable PPD for the nine months ended September 30, 2024, was $800 million in our active companies, principally in short-tail property and marine lines. Our corporate run-off portfolio had adverse development of $157 million, primarily driven by adverse development for environmental and molestation-related claims.

Refer to the prior period development discussion in Note 8 to the Consolidated Financial Statements for additional information.

P&C Combined Ratio

In evaluating our segments, excluding Life Insurance financial performance, we use the P&C combined ratio, the loss and loss expense ratio, the policy acquisition cost ratio, and the administrative expense ratio. We calculate these ratios by dividing the respective expense amounts by net premiums earned. We do not calculate these ratios for the Life Insurance segment as we do not use these measures to monitor or manage the business in that segment. The P&C combined ratio is determined by adding the loss and loss expense ratio, the policy acquisition cost ratio, and the administrative expense ratio. A P&C combined ratio under 100 percent indicates underwriting income, and a combined ratio exceeding 100 percent indicates underwriting loss. P&C CAY combined ratio excluding catastrophe losses (CATs) excludes CATs and prior period development (PPD) from the P&C combined ratio.

The P&C combined ratio decreased for the three months ended September 30, 2025, reflecting lower catastrophe losses and higher favorable prior period development, and the impact of a large structured transaction that had an unfavorable impact to the ratio in the prior year period. The P&C combined ratio increased for the nine months ended September 30, 2025, reflecting California wildfire losses of $1.47 billion, including the unfavorable impact of $37 million of net ceded reinstatement premiums on the expense ratio (i.e., lower premium resulting in a higher expense ratio). The increase was partially offset by higher favorable prior period development.

The P&C CAY combined ratio excluding catastrophe losses decreased for the three and nine months ended September 30, 2025, reflecting lower losses, partially offset by an increase in the policy acquisition cost ratio from changes in mix of business.

Refer to the respective sections that follow for a discussion of Net investment income, Other (income) expense, Net realized gains (losses), Interest expense, Amortization of purchased intangibles, and Income tax expense.